These metrics – you might also call them goals, or objectives – should be captured using the analytics tool built into your tenant app and greater tenant experience software suite. For ease of reference, we have here reiterated some of the metrics discussed in the benefits section above.
1. New registrations per month
How to set your building target:
NR/M = (building pop x desired % total registrations) / 12This target is usually determined as a small proportion of total building population, if that number is known. So, if your building pop is 3,500, and you aim to have at least 50% of your building registered to the platform within its first year of operation, you might set a new registrations-per-month target of 145 users. This monthly target will help direct and refine the activities of your marketing and customer success teams, all in service of the yearly goal.
This metric may seem obvious, but it is a helpful jumping-off point for deeper, more contextual analysis. If your registration rate continues steadily over time – or even increases – outside of major launch events or activations, this commonly means that you have a healthy community based, at least in part, on peer referrals. You might supplement that hypothesis with an NPS survey – if the majority of your users would recommend the platform, and their recommendations are actually resulting in conversions, your ROI is all but proven.
Tracking new registrations over time can tell you interesting things about how existing tenants use, and promote, your community.
What if your rate of new registrations spikes during onsite activations, but otherwise falls below targets? This does not mean your platform is not attractive to new users, and is therefore not providing the desired return. Instead, it proves that your experiential marketing strategies are particularly effective in securing ROI – that is, new users can be easily convinced of the value of your platform when it is demonstrated to them, in person. Based on this knowledge, you can alter your marketing strategy accordingly. You might, for instance, run a campaign wherein you hire product ambassadors to engage and demonstrate the product to tenants moving through high-traffic lobby areas.
2. Increase in MAU (Monthly Active Users)
How to set your building target:
First, you have to set your baseline MAU target. An MAU of 30-50% is most typical for a healthy, well-engaged community. So, in the first year operating your platform, you might set a baseline MAU target of 30%, or 300 users out of the 1,000 registered to your platform.From this, you might set as your target an MAU increase of 10% (of total registrations) for year two. That means you’re striving for an additional 100 active users per month (unless your total building population changes).
MAU is perhaps the most commonly-referenced metric in the tenant experience industry. If you set a goal of 40% MAU (that is, 40% of users registered to your platform use the platform in a given month), and hit that 40% goal every month, you have achieved your desired ROI. A better, more ambitious objective is an upward trend. If your MAU increases, over time, you can be even more certain that your community is responding to the usefulness of your technology and the appeal of your engagement activities. Targeting trends also motivates your customer success teams to innovate, to provide additional points of interaction and value, rather than rely on the same seasonal activations and competitions every year.
For instance, we find that a comprehensive content strategy is a slow-burning method of elevating MAU over the long term. You might build a daily and weekly schedule filled with informative blog articles, industry news pieces, partner offers, and more. You might not see high engagement with that stream for several months (and sometimes, even a year or more). However, there is a point of critical mass, at which users become familiar with your schedule and begin to interact more with the content – comment on it, like it, share it with other users. As they do, MAU slowly increases, because a greater proportion of users have more reason to interact with your platform on a more regular basis. The result is a stronger, healthier, and more engaging offering.
Tracking an uptrend in MAU is also an effective way of measuring the success of new products added to your platform. For instance, you might launch an access control integration with HID, enabling users to enter their building and office using your tenant experience platform on their smartphone instead of plastic access cards.
Let’s say that product update launched in March: That’s what we call an event, for data purposes. When measuring your change in MAU, as normal, you would signpost the month of March and look out for anomalous rises in the months following (April, May, and so on). This will help you to see if/how the introduction of access control has changed usage behaviour. Has it:
Encouraged more users to sign up to the platform (or is the idea of not needing a plastic card not compelling enough?)
Encouraged users to do more on the platform, given they are using it more regularly? (Do people read their building news more, now that they open the app reliably at a certain time, each day?)
And so on.
3. Increase in employee productivity
How to set your building target:
Soft: Simply ask your tenants, via regular polls or a survey, whether they are more productive as a result of the introduction of your tenant experience platform and/or associated features. You could conduct this poll quarterly, bi-yearly, or yearly, to track changes in sentiments.
Hard: Measure and adjust CO2 levels in your building using a smart building measurement platform or plug-in.
If you suspect your e-commerce platform empowers productivity, for instance, you might look at hard adoption metrics first. An analytics dashboard visualisation might tell you that users prefer desk delivery over click and collect, because it is less disruptive. But hard numbers will not always tell you how productivity might be further improved. For that, you need direct feedback from those who use it.
As stated above, for more quantitative evidence, measure CO2. Plentiful is the scientific evidence which states that fresh air is essential for optimal working conditions. Carbon dioxide has been found to cause a 23% impairment to decision making, and an 11% reduction in productivity. By using an air quality monitoring system, you can track all the key areas in your building at once, in real time, and react quickly to increase oxygen levels if needed. Well-managed CO2, therefore, is a well-keyed investment into a high-functioning office building.
4. Interactions Per Visit (IPV)
How to set your building target:
Your mileage may vary based on your MAU rate (among other metrics), but an IPV of 3-7 is a good target.
MAU is a high-level metric, a useful barometer of general user activity. Your IPV number supplements MAU by adding an additional, more instructive layer of context. For example, in a given month:
Your MAU is 60%, which tells you that 60% of registered users visited the platform at some point that month. At the very minimum, you draw the obvious conclusion: Your platform is, to some degree, attractive to its audience. You might also hypothesize that your inbound EDMs – the newsletters you send to get users to your platform every week – are effective. But you don’t know what users are doing once they arrive, or how long they stay.
So, next, you examine your IPV rate: 3 interactions per visit. Now your insights have compounded. For instance, you now know:
My newsletters are effective at getting users to my platform
Once they have arrived, usually through a single piece of content, users do not automatically close the platform to do something else
My platform design encourages a multi-step user journey, which can be exploited in a number of different ways
From there, you might dive deeper. The analytics dashboards tied to your tenant experience platform should tell you what your most popular site pages and content pieces are, using a cross section of your IPV rate. A common user journey, averaged out, might look like this:
User visits platform and logs in, lands on the home page
User navigates to the ‘Events’ tab
User clicks on the ‘Events’ carousel to advance a week ahead in the calendar
User clicks the ‘Quick RSVP’ button on your monthly ‘Community Drinks’ event post
User clicks on a news post, recommended at the base of your event post
User exits platform
IPV, therefore, channels user behaviour to provide helpful recommendations on improvements to platform design, content, and engagement techniques. Using these insights, you might:
Increase the promotional real estate you devote to events (e.g. more on home page, reducing the amount of clicks from site landing to the first meaningful interaction)
Compare user interactions with page visits and journey steps (e.g. are users more likely to RSVP to an event at the start of a session, or at the end?)
Diagnose drop-offs (e.g. if users are exiting from a page, or abandoning their purchases, at a certain point, you can examine that hurdle for flaws in design or content)
Of course, a poor IPV (2 interactions per visit, or fewer) is in itself a good litmus test for the efficacy of your engagement strategy. If people are bailing on your content, consistently, you may need to re-examine the wants and needs of your audience. Consider the fact that your MAU could still be 60% even with a platform IPV of 1-2 – MAU, quite simply, does not tell the full story.
5. Activity at time of day
How to set your building target: Not applicable – tenant activity will determine your activities and outcomes.Going deeper:
Do you know the time of day at which your tenants most prefer to:
If you said ‘no’ to any or all of the questions above, you should take a closer look at activity sliced by time of day. By tracking the timing of user behaviour, you can uncover general habits that will help you to optimise your content and engagement strategies.
Let’s look at content, in particular: Scheduling news articles or events during high-traffic periods ensures greater exposure and readership, and provides users a more refined experience. It also better validates the efforts of your content production and marketing teams.
High-traffic periods may not occur when you expect, so it’s a good idea to consult your ‘activity at time of day’ visualisation on a monthly basis.
This analytic can help in other areas of tenant engagement, like e-commerce and retailer promotion. If you know, for instance, that users prefer to browse your store at the hours of 10am and 2pm, you can coordinate your onsite retailers and schedule offers and promotions at those times – or, conversely, you could promote products and services during periods where higher traffic (both physical and digital) is desired.
If you don’t know the daily browsing habits of your users, down to the hour, you are making guesses, and risk running a sub-optimal engagement strategy that will disengage users over the long term.
6. Unique visits per user (VPU)
How to set your building target: As with IPV, your mileage may vary based on your MAU rate (among other metrics). A VPU of 7-10 is healthy.
Let’s say that your MAU (Monthly Active User) rate is 30%, which means that 30% of the registered users on your platform visited at least once in a given month. The higher an MAU is, the better – but MAU alone is not enough to determine whether your online community is healthy and useful.
300 users (out of a possible 1000 total users) may visit your platform at least once in a given month, but how many more times do they visit? You can only know that by assessing the amount of unique visits per user.
An average VPU of 7-10 tells a much different story than a VPU of 3-4. A high VPU indicates that your active users are very active, on average. Most come to your platform, regularly, of their own volition. Maybe they visit to interact with the latest content, to chat with peers, RSVP to events, or use digital amenities.
Of course, a low VPU (around 3-4) tends to indicate the opposite. Dig deeper, and you may find that your cohort of 300 active users is split between active contributors and idle browsers. For instance, a minority of visitors may return 5-6 times, and the majority may visit only once.
What can you do about a low VPU? Investigating your traffic entry points is a good place to start. Weekly email newsletters may be a great tool for reminding users to log in, but if the content impressions you offer are not compelling enough, many will not stay or return for self-directed browsing. They will pop up momentarily, log an MAU datapoint, and then leave until prompted again.
If your VPU is low, and emails are your main generator of traffic, try running a split-test of subject lines with segmented user groups. Consider also that your content headlines may need sprucing up. Or, perhaps you need to inject some novelty: For instance, regular comment-to-win competitions, in which users must regularly check back on a piece of content. Should all else fail, you may need to re-examine the wants and needs of your tenants to formulate a content offering that better encourages organic exploration.
7. Unique email newsletter interactions
Even though it is just one tool in your communication kit, a well-planned and executed email newsletter strategy can maintain and bolster the week-to-week momentum created by your engagement activities. The ultimate goal is for users to visit the platform, daily, without being prompted – but a subtle weekly reminder, in the form of a ‘current events’ wrap-up, can build that behaviour over time, increasing both your MAU and VPU all the while.
Email and content marketers are constantly theorising about what makes a compelling email newsletter. HubSpot, for instance, has a host of design features and messaging suggestions (most of which, by the way, are built into Equiem’s newsletter creation tool). However you choose to communicate with your tenants, there are three time-honoured metrics to track, in order to assess performance and make improvements.
7.1. Open rate
The percentage of users that opened your email. If your platform has 100 users, and 10 of those users open your newsletter, you have an open rate of 10%.
A ‘good’ open rate is difficult to benchmark, as it is dependent on many factors (like demographics and send-out times), but anywhere from 20-30% for a weekly newsletter is reasonably healthy.
If possible, create your own benchmark using your first newsletter. Over time, your open rate should either remain steady (as tenant populations and demographics change), or it should grow slowly. If you have weekly or monthly dips, though, don’t despair – the game of newsletter growth is often played over many years.
7.2. Click-through rate (CTR)
Your CTR is the percentage of users who clicked a link in your email. This number is usually reached by dividing total email clicks by the total number of emails delivered. But your analytics dashboards should be able to dive deeper, separating your unique CTR from your total or holistic CTR.
Unique CTR works like this: You deliver 100 emails, and 10 people click on the links in the email. You have a unique CTR of 10%. Unique CTR is the most commonly tracked CTR metric.
Total CTR works like this: You deliver 100 emails, and 10 people click on two links each. Your total CTR would then be 20%.
According to emailout.com, the average CTR is around 4%. Once again, your mileage may vary.
7.3. Click-to-open-rate (CTOR)
Your CTOR is similar to your CTR, but the fundamental difference is in the denominator. To find your CTOR, you divide the number of newsletter link clicks by the number of users who actually opened the email, not the amount of emails delivered.
So: You send your newsletter to 100 users, and 20 users open the email. Across those 20 users, your newsletter links receive 5 total clicks. That gives you a CTOR of 25%, next to a CTR of 5%.
Why are these metrics important? They help you diagnose problems, and prescribe improvements, based on the relationship between lows and highs. For instance, a low CTR and high CTOR might suggest that your newsletters have compelling content, but that content is ultimately appealing only to a small proportion of your building community. The inverse – a high CTR and low CTOR – might suggest that your newsletter subject lines are attractive, but users aren’t finding anything of value when they click through.
Speaking of subject lines, here’s a bonus tool you can use to optimise the strength of your newsletters (and reach higher CTRs): CoSchedule’s Headline Analyzer. To use this free tool, simply draft up and place your headline in the bar and click ‘Analyze Now’. You will receive a complete read-out on the power of your chosen headline, based on type, word balance, sentiment, character length, and other parameters. Use it in your mission to craft better content for your tenant community.